Subdivision 1. Formation. Any three or more natural persons who are residents of this state may form a development corporation by complying with the conditions prescribed in sections 301.71 to 301.84.
Subd. 2. Certificate; required information. They subscribe and acknowledge a certificate specifying:
(1) The name, the general nature of its business, and the principal place of transacting its business. The name shall distinguish the corporation from all other corporations authorized to do business in the state, and shall contain the words "Development Corporation".
(2) The period of its duration, which may be limited or perpetual.
(3) The name and residence of each incorporator.
(4) The names and addresses of those composing this board until the first election.
(5) The highest amount of indebtedness or liability to which the corporation shall be subject.
Subd. 3. Certificate; other information. The certificate may contain any other lawful provision defining and regulating the powers and business of the corporation, its officers, directors, members, and stockholders.
1957 c 896 s 1; 1967 c 619 s 1
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 301 — Development Corporations
Section 301.71 — Development Corporations.
Section 301.74 — Publication Of Certificate.
Section 301.75 — Additional Powers.
Section 301.76 — Capital Stock.
Section 301.78 — Nonstockholder Members.
Section 301.79 — Earned Surplus.
Section 301.80 — Limitations On Obligations.
Section 301.81 — Deposit Of Funds.
Section 301.82 — Supervision And Examination.
Section 301.83 — Rights Of Holders Of Capital Stock.
Section 301.84 — Obligations Are Legal Investments For Members.